Mastercard and Revolut collaboration offers day to day money management and foreign exchange solutions for consumers across Europe
Image: Revolut partners with Mastercard to launch its cards in the US. Photo: Courtesy of Alina Kuptsova from Pixabay.
UK-based financial technology firm Revolut is expanding its collaboration with Mastercard to launch its cards in the US by the end of 2019.
Mastercard said that since the launch of Revolut in 2015 and its participation in the accelerator programme, Start Path, the global payments company has established a strong collaboration with the UK firm.
Revolut founder and chief executive officer Nik Storonsky said: “As a launch partner of Revolut, Mastercard has been an important contributor to our success, and today’s agreement will enable us to meet our ambitious goal of offering innovative financial and payment solutions to people all over the world.
“Launching in the U.S. will be a huge milestone for us, and we are delighted Mastercard will be our go-to-market partner.”
Revolut will make use of Mastercard’s latest technology
Mastercard said that its collaboration with Revolut has offered financial services, including daily money management and foreign exchange solutions, to consumers across Europe.
In addition, both businesses are expected to collaborate on a minimum of 50% of all existing and future cards from Revolut in Europe.
The partnership agreement with Mastercard would enable Revolut to provide financial services to consumers in the US by the end of 2019.
Mastercard said that the expansion of their partnership would enable Revolut to reach the Asia Pacific and Latin American markets, including Australia, Singapore, Japan, New Zealand, Brazil and Mexico.
Mastercard claims that it has been chosen as the service provider for more than 60 digital banks and fintechs in Europe.
Mastercard chief product officer Michael Miebach said: “Having partnered with Revolut over the last four years, we are delighted that our relationship continues to grow and meet our collective global ambitions. Revolut’s success and its speed to new markets, such as the US, is welcome proof of our commitment to tailoring support for fintechs.
“Broadening Revolut’s global reach will enable millions more people around the world to benefit from Mastercard’s worldwide acceptance footprint and Revolut’s ground breaking financial services.”